The Day at a Glance | March 26 2025

• Demand for durable goods in the United States increased in February.
• The Trump administration imposed new restrictions on semiconductor exports to companies in China, Iran, and the United Arab Emirates for national security reasons and is considering imposing copper import tariffs sooner than expected.
• China has considerable room to stimulate its economy this year, though some reforms will be necessary to boost consumption, said Huang Yiping, an adviser to the People’s Bank of China and a professor at Peking University. 
• Bank of Japan Governor Kazuo Ueda stated on Wednesday that interest rates would need to rise if the persistent increase in food prices leads to broader inflation, signaling the central bank’s determination to continue gradually withdrawing monetary stimulus.
• The U.S. reached separate agreements with Ukraine and Russia on Tuesday to pause attacks in the Black Sea and on energy infrastructure, while also committing to facilitating the lifting of some sanctions against Moscow.
• Oil prices rose slightly on Wednesday amidst growing concerns over a potential tightening of global supply, following the U.S. threat to impose tariffs on countries purchasing Venezuelan crude and a larger-than-expected decline in U.S. crude inventories.

Economic Environment

Demand for durable goods in the United States increased in February. In February, durable goods orders rose by 0.9% m/m, following a 3.3% increase in the previous month. However, excluding the most volatile categories, such as transportation and defense, demand increased 0.4% in February, according to seasonally adjusted data. In the same period, transportation goods orders rose by 1.5% m/m, while defense goods surged by 9.3% m/m. On an annual basis, according to unadjusted figures, durable goods demand increased 0.5% in February. However, excluding transportation and defense, a -2.3% decline was recorded. Overall, investment in durable goods continued to expand in February, but there are concerns that a slowdown could materialize in the coming months due to trade uncertainty surrounding tariffs.

Markets and Companies

The S&P 500 is logging slight movements this morning. Investors remain focused on any signs regarding inflation or a recession ahead of Trump’s tariffs.

In Europe, markets are recording declines on a day focused on the UK; with the “Spring Statement,” spending cuts are expected to close the deficit. The FTSE was up 0.21%, in contrast to the -0.33% decline in the Stoxx 600.

Asian markets mostly closed higher after Wall Street’s gains, driven by expectations of more moderate tariffs on behalf of the Trump administration. 

Regarding commodities, oil prices are approaching a three-week high due to supply risks, and gold is rising amidst uncertainty over Trump’s tariffs.

In Mexico, the IPC is logging slight movements (-0.01%), and the exchange rate is at 20.14 after closing at 20.05 yesterday.

Arca Continental announced an investment of approximately 18 billion pesos in 2025, aimed at expanding capacity, digitalization, and sustainability; half will be invested in Mexico, and the rest in the U.S. and South America.

Corporate News

• GameStop’s shares surged 16% after its board approved a plan to buy Bitcoin and stablecoins with part of its corporate cash, a strategy similar to MicroStrategy’s.
• Dollar Tree’s shares rose 5% after announcing the sale of its Family Dollar business for $1 billion. Additionally, its 4Q results exceeded analysts’ estimates for both revenue and profits.